The city of Pasadena awarded six licenses for new commercial cannabis dispensaries this week, and today MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF; FSE: A2JM6N) announced the company managed to snag one of those coveted delivery and retail licences.
Integral Associates, a subsidiary of competing company Green Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF), yesterday revealed that it was one of the other five companies awarded a Pasadena retail license.
MedMen now operates 13 storefronts in California, with licenses officially in hand for a total of 14. Citing the strategic rationale in continuing to grow across the company’s home state, MedMen CEO Adam Bierman commented:
Securing rights to the upcoming Pasadena location isn’t the only California expansion seen from MedMen this week, as the company also just signed an agreement to acquire 100% of MattnJeremy, Inc. LLC (more commonly known by its d/b/a name One Love Beach Club).
One Love Beach Club is situated in Long Beach, where the company has been operating for the past 10 years, currently citing an un-audited gross revenue of $6 million.
The cash and stock acquisition deal — valued at a total of $13 million — includes $10 million in voting shares, $1 million in cash, and an additional $2 million in deferred cash.
When it closes within the next 45 days, that acquisition will include a new storefront location for MedMen situated between the company’s existing sites at Santa Ana and LAX. The company will use that new location to lure in out of state visitors, with an estimated 7.9 million tourists hitting the Long Beach area last year for various events and conferences.
Aside from the new retail location growth, MedMen also just scored a win on the legal front this week, with a group of previous investors voluntarily dismissing their lawsuit against the company. A full statement from MedMen regarding the lawsuit and its current status can be read here.
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